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Feb 11, 2013
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this deficit was not caused by our federal work force. you are not responsible for their deficit. \[applause] >> we could talk about the policies of going to war and how we pay for it, etc. but we have these large deficits and we need to deal wit. let me bring you up to date because the last time i was here was a little over a year ago and we were talking about the budget control act and how we had to deal with this deficit and how we were going to bring down discretionary domestic spending and how we were going to deal with longer term solution that is required to us deal with revenues and mandatory spending and i ask your understanding as we pass the budget control act. and at the we were analyzing a recommendation that came out of a presidential commission known as the boles simpson commission. that commission said we had to reduce the deficit by $4 trillion or $5 trillion to have sustainable growth in our country. take a minute and look at the progress that we've made since that last visit. simpson bowles which was generally recognized as a balanced approach, a bipartisan appr
this deficit was not caused by our federal work force. you are not responsible for their deficit. \[applause] >> we could talk about the policies of going to war and how we pay for it, etc. but we have these large deficits and we need to deal wit. let me bring you up to date because the last time i was here was a little over a year ago and we were talking about the budget control act and how we had to deal with this deficit and how we were going to bring down discretionary domestic...
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Feb 12, 2013
02/13
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we have not seen anything remotely close to the deficit to gdp ratio of 6% the last four years. and, by the way, even under the best assumptions of cbo, we are looking at another 2-3 years before we get below that 5.5% rate. i think we need to cut. the cuts need to be made. and they need to be prioritized. because those cuts across the board are going to affect some industries more than others. the defense industry is going to be impacted more than others. we have to make a decision how we want that to play out. we have -- do not have that discussion. just obviate the need with across-the-board cut. it is not good public policy. i think the cuts are necessary. i don't think the cuts are so large that if they were instituted, if the congress were to sit down and pick and parts as the approach. cut, that those would lead to an economic downturn. the forecast that cbo and others came out with when we were talking about the fiscal cliff, we would lose $500 billion or more in sequestration spending and increase taxes if you did nothing. and that of $500 billion or $550 billion total
we have not seen anything remotely close to the deficit to gdp ratio of 6% the last four years. and, by the way, even under the best assumptions of cbo, we are looking at another 2-3 years before we get below that 5.5% rate. i think we need to cut. the cuts need to be made. and they need to be prioritized. because those cuts across the board are going to affect some industries more than others. the defense industry is going to be impacted more than others. we have to make a decision how we want...
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Feb 12, 2013
02/13
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economic growth is directly linked to what we do about deficits and debt. you got a circumstance, medium term, longer term. what this chart shows is we have already done $2.6 trillion, that is in the budget control outcome of the sequester, the revenue piece just put in. what is needed to get you on a track to the debt going down at the end of this budget window is about another $2.4 trillion. we might all have a different mix of how we would do that. i think we have been light on the revenue side. i think we have been light on the reforming of entitlement side, in terms of the spending. that is the 800-pound gorilla. the thing that threatens is the health care accounts. it is not impossible to do. i gave a speech my last day on the floor and talked about if he took -- the speaker was talking about in terms of spending reductions, he was talking about $500 billion and health care accounts, but nobody puts it in perspective. that is $500 billion out of $11 trillion, 4.5%. we cannot do for 4.5%? of course we can. those who say the speaker is making an impossi
economic growth is directly linked to what we do about deficits and debt. you got a circumstance, medium term, longer term. what this chart shows is we have already done $2.6 trillion, that is in the budget control outcome of the sequester, the revenue piece just put in. what is needed to get you on a track to the debt going down at the end of this budget window is about another $2.4 trillion. we might all have a different mix of how we would do that. i think we have been light on the revenue...
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Feb 12, 2013
02/13
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we absolutely must deal with the budget deficit. but this massive indiscriminate-type approach is counterproductive. such cuts will dampen growth and thereby reduce tax revenue. such cuts definitely are not dealing with the deficit over a long term. with less than three weeks away from having these massive cuts, i'm here to join others in urging that president obama, congressional leaders come together for the sake of america's people and end this sequestration. together, we before you are united in our efforts to ensure that america maintains its place in innovation and research. thank you all for being here. >> good morning, everyone. i am hunter rawlings, representing the aau. as peter said, he and i are representing the task force on american innovation, and you have a letter in your packet from the task force that i hope you will take a good look at. the sequester is the most unpopular thing in washington, d.c., since the dallas cowboys. it is mindless and will cause great harm . the president hates it. speaker boehner hates it
we absolutely must deal with the budget deficit. but this massive indiscriminate-type approach is counterproductive. such cuts will dampen growth and thereby reduce tax revenue. such cuts definitely are not dealing with the deficit over a long term. with less than three weeks away from having these massive cuts, i'm here to join others in urging that president obama, congressional leaders come together for the sake of america's people and end this sequestration. together, we before you are...
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Feb 5, 2013
02/13
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slow as it is and the deficit issues that face our kids and grandkids. a lot of lip service is paid to dealing with the middle class. i get concerned we're talking about just us. what about our kids? what about the middle class of the future? what life will they have? to me it is -- i campaigned on a suicide mission to reform reform. and dre and do tax every meeting, i would talk about those things and those things ony. -- only. i am still here. >> in answer to that question, i was in a meeting in september of home.t mark warner's alan greenspan was there. do aid, why don't you something big on this fiscal challenge? are you going to do it before or after the bond market crashes and it will crash. he was not known for hyperbole. it struck me that the former chair of the federal reserve was saying you're facing an impending crisis and you are going to need to deal with it. are you going to deal with it before it hits or after? the answer is -- i want to deal with the problem before it becomes a crisis. we need to build trust necessary to find the solution
slow as it is and the deficit issues that face our kids and grandkids. a lot of lip service is paid to dealing with the middle class. i get concerned we're talking about just us. what about our kids? what about the middle class of the future? what life will they have? to me it is -- i campaigned on a suicide mission to reform reform. and dre and do tax every meeting, i would talk about those things and those things ony. -- only. i am still here. >> in answer to that question, i was in a...
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Feb 5, 2013
02/13
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economic recovery and the deficit issues that face our kids and grandkids. a lot of lip service is paid to dealing with the middle class. that is the buzzword. i get concerned we're talking about just us. what about our kids? what about the middle class of the future? what middle-class life for the behalf unless we step up and do the right things? and to me it is -- i campaigned. i campaigned on the suicide mission to reform medicare end to do tax reform. every town hall, every rotary, chamber meeting. i would talk about those things and those two things only. guaranteed political suicide. we can do this. >> in answer to that question, what will we do to get washington to do with the fiscal challenge? there were some business leaders and alan greenspan was there. he said what are you going to do something on this fiscal challenge? are you going to do it before or after the bond market crashes and it will crash. he is not known for hyperbole. and it struck me that the former chair of the federal reserve is saying you are facing an impending crisis and you wil
economic recovery and the deficit issues that face our kids and grandkids. a lot of lip service is paid to dealing with the middle class. that is the buzzword. i get concerned we're talking about just us. what about our kids? what about the middle class of the future? what middle-class life for the behalf unless we step up and do the right things? and to me it is -- i campaigned. i campaigned on the suicide mission to reform medicare end to do tax reform. every town hall, every rotary, chamber...
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Feb 9, 2013
02/13
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[applause] if you look at what is happening, it is true that the deficits are going to be below a trillion dollars for the first time in several years. it is true that the economy is beginning to grow again. this is almost like the reverse of what we did in 1993. i was perfectly well aware that if we raise taxes and cut spending, it could have a dragging effect on the economy. not nearly as much as having low growth or then having interest rates that were too high. so our gamble was that the explosive effect of lowing interest rates with a booming bond market and having more disposal income over five-10 year period to invest in america's future would more than offset putting the hammer down by raising more money and cutting spending. it turned out to be a good gamble. it will make sense here again. but timing is everything. so i think you should have a budget that does not defy arithmetic and does not follow in the trap that we had for 20 of the last 32 years which is you always get more money when you cut taxes. but it is also important that we recognize if there is literally no growth yo
[applause] if you look at what is happening, it is true that the deficits are going to be below a trillion dollars for the first time in several years. it is true that the economy is beginning to grow again. this is almost like the reverse of what we did in 1993. i was perfectly well aware that if we raise taxes and cut spending, it could have a dragging effect on the economy. not nearly as much as having low growth or then having interest rates that were too high. so our gamble was that the...
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Feb 4, 2013
02/13
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we're not out of the deficit of the 8 million jobs already lost. in terms of a system being skewed, if we are continually supported a system where jobs go to the already employed, we are really not doing anything to foster the economic recovery that is going to benefit everybody. in society. none of these laws and nothing the national employment law practice is advocating says you have to fill open jobs with unemployed people. we are saying that qualified unemployed people should be allowed to compete on terms that are fair and that is good for all of us in our economic recovery. host: baltimore, maryland, just hired. caller: i would like to say one thing -- i love cspan and site -- and i love to make it through my phone call. go ravens. i live in baltimore city and the unemployment rate in baltimore city is unbelievable. the problem you have is that not only is there so many people unemployed but that there is a lack of job opportunities. how will the work that you are doing affect people live in urban america who are african- americans who are la
we're not out of the deficit of the 8 million jobs already lost. in terms of a system being skewed, if we are continually supported a system where jobs go to the already employed, we are really not doing anything to foster the economic recovery that is going to benefit everybody. in society. none of these laws and nothing the national employment law practice is advocating says you have to fill open jobs with unemployed people. we are saying that qualified unemployed people should be allowed to...